Microeconomics
2nd Edition
ISBN: 9780073375854
Author: B. Douglas Bernheim, Michael Whinston
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 6, Problem 12P
(a)
To determine
Determine the uncompensated demand function for X as
(b)
To determine
Determine Person S’s compensating variation (CV) for the price change:
(c)
To determine
Determine the compensated demand function for Good X, fixing the utility level achieved at the original price of Good
(d)
To determine
Determine the change in consumer surplus (CS)
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